To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Wheaton home prices have performed since 2007.
Wheaton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
733
$302,000
$356,360
-
2008
524
$315,000
$352,800
-1%
2009
468
$278,000
$316,920
-10.2%
2010
464
$278,000
$311,360
-1.8%
2011
504
$268,000
$292,120
-6.2%
2012
573
$262,500
$280,875
-3.8%
2013
791
$265,250
$278,512.50
-0.8%
2014
821
$270,000
$278,100
-0.1%
2015
825
$285,000
$293,550
5.6%
2016
874
$290,000
$295,800
0.8%
2017
420
$293,000
$293,000
-0.9%
Total change in price
-17.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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